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Gold/Mining/Energy : Canadian Oil & Gas Companies

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To: Kerm Yerman who wrote (2066)	1/20/1997 12:35:00 PM
From: SofaSpud	of 24925

Kerm -- Analyst Report -- Renaissance et. al. Gordon Capital issued a report on Jan. 14 in which they revised upward their cash flow ests. because of persistent high prices, and as a consequence increased target prices for several producers. Gordon increased their '97 oil price to U.S.$23/bbl. Canadian Natural Resouces: CF now est. at $7.85; at 6x, their target is now $47. Renaissance Energy: CF now est. at $7 in '97 and $7.50 in '98, which would imply revenue exceeding planned capital expenditures. They are placing a premium multiple of 8x on the stock, which would yield at price of $60(?!). Rigel Energy: CF est. at $3.3 in '97 and $3.6 in '98; target price is now $20. Elan Energy: CF est. is $3.05; no price target, but they note that it is currently trading at 4x '97 CF; they rate as a "hold", vs. the above which they rate as a buy.

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